Akzo Nobel plans new ICI bid

DUTCH chemicals group Akzo Nobel has held talks with shareholders over making a higher offer for Dulux paint maker ICI, it has been reported. Akzo, which owns rival paints brand Crown, had a £7.2bn offer for ICI rejected last week.

DUTCH chemicals group Akzo Nobel has held talks with shareholders over making a higher offer for Dulux paint maker ICI, it has been reported.

Akzo, which owns rival paints brand Crown, had a £7.2bn offer for ICI rejected last week.

But the Dutch company could up its initial 600p a share approach after discussions between chief executive Hans Wijers and its largest US investors.

Akzo's major shareholders are said to be supportive of the deal in principle but concerned that company does not overpay for ICI.

Some analysts have suggested that Akzo could have to offer at least £8.4bn for the British firm, although another report suggests that ICI's major shareholders would be prepared to recommend a 675p offer, valuing the firm at nearly £8.1bn.

But ICI could yet turn the tables with its own offer for its Dutch suitor.